Champion Home Builders and Champion Retail Housing, subsidiaries
of Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”)
today announced the closing of its previously announced acquisition
of Regional Enterprises LLC, and related companies (collectively,
“Regional Homes”).
“We are excited to announce the closing and to welcome Regional
Homes to the Skyline Champion family,” said Mark Yost, Skyline
Champion’s President, and Chief Executive Officer. “We believe
Regional Homes is an excellent strategic fit given their
customer-centric selling approach which goes together with our
on-going efforts to enhance our customers’ buying experience.
Regional Homes’ strong presence in Alabama and Mississippi
strengthens Skyline Champion’s market positioning as a leading
provider of attainable housing solutions by expanding our captive
retail and manufacturing distribution in this large region. We
expect this transaction to generate solid returns over time with
meaningful stakeholder value creation from day one, supported by
Regional Homes’ attractive margin profile, its talented team, as
well as available synergy capture.”
In coordination with the closing of the transaction, Skyline
Champion is pleased to announce that Heath Jenkins will serve as
the President of the Company’s captive retail operations. “We are
fortunate to add Heath to the Skyline Champion team,” said Mark
Yost. “Heath not only brings years of industry retail experience,
and strong leadership capabilities exemplified by the strength and
tenure of the Regional Homes’ team but also exhibits an unwavering
commitment to put the customer first. These are traits that
perfectly align with our core operating principles.”
The purchase price was approximately $313 million, net of cash
acquired, plus assumed debt, primarily related to inventory floor
plan liabilities, of $93 million. In addition to the purchase
price, the transaction is subject to an earnout provision as well
as customary net working capital adjustments. Skyline Champion
funded the acquisition with cash on hand and $30 million of the
Company’s common stock.
About Skyline Champion Corporation:
Skyline Champion Corporation (NYSE: SKY) is a leading producer
of factory-built housing in North America and employs approximately
7,600 people. With more than 70 years of homebuilding experience
and 44 manufacturing facilities throughout the United States and
western Canada, Skyline Champion is well positioned with an
innovative portfolio of manufactured and modular homes, ADUs,
park-models and modular buildings for the single-family,
multi-family, and hospitality sectors.
In addition to its core home building business, Skyline Champion
provides construction services to install and set-up factory-built
homes, operates a factory-direct retail business with 31 retail
locations across the United States, and operates Star Fleet
Trucking, providing transportation services to the manufactured
housing and other industries from several dispatch locations across
the United States.
Skyline Champion builds homes under some of the most well-known
brand names in the factory-built housing industry including Skyline
Homes, Champion Home Builders, Genesis Homes, Athens Park Models,
Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New
Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, Titan
Homes in the U.S. and Moduline and SRI Homes in western Canada.
About Regional Homes:
Headquartered in Flowood, MS, Regional Homes is a manufactured
and modular housing company. With over 1,200 employees, three
manufacturing facilities, and 43 retail locations throughout the
Southeast, Regional Homes is the fourth largest company in the
industry, with the largest independent retail footprint. Since its
founding in 2006, Regional Homes has sold over 30,000 manufactured
homes and has built a reputation of exemplary service and customer
satisfaction. In addition to manufacturing and retailing, other
turnkey services provided with home purchases include site
preparation, installation, furnishing, servicing, and maintenance.
Regional Homes also maintains strong relationships with federal and
state agencies by providing disaster relief housing programs in
Texas, Mississippi, Florida, Alabama, and Louisiana.
With a distinguished company culture, Regional Homes strikes a
balance of teamwork, competitiveness, and discipline that creates a
cohesive and supportive environment. It is dedicated to the
continued development of a collaborative and thriving environment
for our staff, as well as to producing an exceptional home-buying
experience for our customers.
Forward-Looking Statements
Statements in this press release, including certain statements
regarding Skyline Champion’s strategic initiatives, and future
market demand are intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally can be identified by use of words such as "believe,"
"expect," "future," "anticipate," "intend," "plan," "foresee,"
"may," "could," "should," "will," "potential," "continue," or other
similar words or phrases. Similarly, statements that describe
objectives, plans, or goals also are forward-looking statements.
Such forward-looking statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of Skyline Champion. We caution
readers that a number of important factors could cause actual
results to differ materially from those expressed in, implied, or
projected by such forward-looking statements. Risks and
uncertainties include regional, national and international
economic, financial, public health and labor conditions, and the
following: supply-related issues, including prices and availability
of materials; labor-related issues; inflationary pressures in the
North American economy; the cyclicality and seasonality of the
housing industry and its sensitivity to changes in general economic
or other business conditions; demand fluctuations in the housing
industry, including as a result of actual or anticipated increases
in homeowner borrowing rates; the possible unavailability of
additional capital when needed; competition and competitive
pressures; changes in consumer preferences for our products or our
failure to gauge those preferences; quality problems, including the
quality of parts sourced from suppliers and related liability and
reputational issues; data security breaches, cybersecurity attacks,
and other information technology disruptions; the potential
disruption of operations caused by the conversion to new
information systems; the extensive regulation affecting the
production and sale of factory-built housing and the effects of
possible changes in laws with which we must comply; the potential
impact of natural disasters on sales and raw material costs; the
risks associated with mergers and acquisitions, including
integration of operations and information systems; periodic
inventory adjustments by, and changes to relationships with,
independent retailers; changes in interest and foreign exchange
rates; insurance coverage and cost issues; the possibility that all
or part of our intangible assets, including goodwill, might become
impaired; the possibility that our risk management practices may
leave us exposed to unidentified or unanticipated risks; the
potential disruption to our business caused by public health
issues, such as an epidemic or pandemic, and resulting government
actions; and other risks set forth in the “Risk Factors” section,
the “Legal Proceedings” section, the “Management's Discussion and
Analysis of Financial Condition and Results of Operations” section,
and other sections, as applicable, in our Annual Reports on Form
10-K, including our Annual Report on Form 10-K for the fiscal year
ended April 1, 2023 previously filed with the Securities and
Exchange Commission (“SEC”), as well as in our Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K, filed with or furnished
to the SEC.
If any of these risks or uncertainties materializes or if any of
the assumptions underlying such forward-looking statements proves
to be incorrect, then the developments and future events concerning
Skyline Champion set forth in this press release may differ
materially from those expressed or implied by these forward-looking
statements. You are cautioned not to place undue reliance on these
statements, which speak only as of the date of this release. We
anticipate that subsequent events and developments will cause our
expectations and beliefs to change. Skyline Champion assumes no
obligation to update such forward-looking statements to reflect
events or circumstances after the date of this document or to
reflect the occurrence of unanticipated events, unless obligated to
do so under the federal securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231013713396/en/
Investor contact information: Name: Kevin Doherty Email:
investorrelations@championhomes.com Phone: (248) 614-8211
Skyline Champion (NYSE:SKY)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Skyline Champion (NYSE:SKY)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024